Welcome to Saving Accounts Guide
Best Rates Online Savings Accounts Article
This is a selection made from among articles on Best Rates Online Savings Accounts. For a permanent link to this article, or to bookmark it for future reading, click here.
Offshore Savings Account: is it safe?
from:
When people want to save money, the first place that comes to mind is the bank. Not only does it earn interest but this also controls the urge of some individuals of spending whatever money there is lying around.
Let’s say that person won a lottery or somehow made it big. Will that individual want to pay the wealth in the form of taxes? Some people will and there are those that won’t. That is a reality and the best way to be exempted from this will be storing this money not at home but in an offshore savings account.
But there are other reasons these days for opening such accounts abroad. This could be used as protection against legislation and lawsuits. Such institutions also hold the clients in the strictest of confidentiality and privacy so people who might be asking questions will not be able to get any information.
Offshore banking has been around for many years. This has often been associated with organized crime and the so called “underground economy” because of money laundering and tax exasion. People who live in the United States and have such accounts are required to declare this as part of the annual income tax even if the banks are not required to do so.
There was a time that most of these banks were in places like Ireland, Switzerland or Luxemburg. Currently, more people have decided to open such accounts in other countries such as Belize, Panama and the British Virgin Islands.
After 9/11, lawmakers in the United States are demanding for more stricter leglislation since some terrorist groups have allegedly used such institutions to fund attacks in differet parts of the world.
These banks operate are differently based on geographical location. Some work on a low cost base which means a higher interest rate for depositors due to the lack of government intervention.
The client is allowed to deposit money in different currencies such as dollar, euro and sterling and can be withdrawn in the same manner. This works very well for those who travel frequently to different parts of the world.
Anybody can open an offshore savings account. Some of these banks will allow the person to open one for less than $5,000 while there are others that charge $10,000 or more.
This is very convenient for those who are assigned to work abroad since this makes the transition quite easy settling in a new country, culture and financial system.
There are other types of accounts other than savings that can be opened offshore. These include easy access accounts, notice accounts, no notice accounts, fixed rate and monthly interest accounts.
Some business also open offshore accounts so that money can easily be converted to a different currency especially when business is done in another country.
The person or the corporation can keep track of how much is in the account by going over to one of the branches if there are in other countries, using the post, telephone or the internet. Some of these banks also offer debit cards so people who don’t carry cash can also use this to purchase items in the foreign country.
The person can inquire from some of these banks before choosing which one to open account. The factors the person should look at are the interest rates, possible tax savings, various investments, accessibility, privacy and security.
 |
 |
Warning: file(http://www.searchfeed.com/rd/feed/TextFeed.jsp?trackID=K424758685&pID=45097&cat=best+rates+online+savings+accounts&nl=5&page=1&excID=) [function.file]: failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found
in /home/savingac/public_html/datas/searchfeed.php on line 8
Best Rates Online Savings Accounts Specific links
Best Rates Online Savings Accounts News
Key moves for surviving low interest rates - San Jose Mercury News
 Wall Street Journal | Key moves for surviving low interest rates San Jose Mercury News The purpose of CDs and savings accounts is primarily to preserve the purchasing power of your money. But that's likely not happening with inflation of 3 percent last year outpacing even the best returns on cash accounts. The average yield on a one-year ... Fed's low-interest-rate policy is a threat How To: Make low interest rates work for you |
Customers feel the pinch as banks cut risks - Globe and Mail
 Globe and Mail | Customers feel the pinch as banks cut risks Globe and Mail Shawn Flannigan found out a week ago what happens when banks get more careful about lending money. He received a letter from TD Canada Trust telling him the interest rate on his unsecured line of credit will rise to 9.75 per cent from 6 per cent on ... |
2-Year CD Rate Deal of the Day: Northeast Arkansas Credit Union at 1.31% APY - Go Banking Rates
2-Year CD Rate Deal of the Day: Northeast Arkansas Credit Union at 1.31% APY Go Banking Rates Searching for the best 2-year CD rate can result in greater yields down the line. Northeast Arkansas Credit Union in Blytheville, AR provides a high-interest rate of 1.31% APY that keeps investor's nest egg safe well beyond 2012. |
High Interest Savings Accounts Review - Brunei News, Brunei Headlines from Brunei fm
High Interest Savings Accounts Review Brunei News, Brunei Headlines from Brunei fm Google or Yahoo whatever you prefer would probably be the best search engine when looking for information. The task is pretty simple: go to Yahoo or Google or other search engines and type in 'high internet savings accounts, or just 'online savings ... |
Transferring money abroad for house purchase, business and emigrating: How to ... - This is Money
 This is Money | Transferring money abroad for house purchase, business and emigrating: How to ... This is Money In order to get the best deal for your money, it is important to shop around. A small percentage difference in the rate can result in large savings. For example, if you are a buying a home for £200000 and you can find an FX firm offering an improvement ... |